Kiwi pairs were able to recover from early week China & Australia related weakness, but not enough to end the week as a net winner.
New Zealand Headlines and Economic data
Monday:
Tuesday:
- The rate of credit card spending in New Zealand fell from 6.4% in February to 5.1% in March
- China central bank likely to pause reserve cuts, but policy easing on track: sources – Along with the disappointing credit data, the idea of China potentially slowing down its stimulus efforts is likely the reason why saw general weakness in global risk sentiment and Kiwi pairs on Monday and Tuesday.
Wednesday:
- Australia’s flat CPI raises prospect of rate cuts – Because of New Zealand and Australia’s close proximity and trading relationship, the Kiwi suffered along with the Aussie after this disappointing CPI update, a typical behavioral occurrence with many other Australian economic data releases.
Thursday:
- There were no direct New Zealand catalysts for the broad rally on Thursday, but the argument could be made that the better-than-expected U.S. durable goods data sparked global risk-on sentiment as it was another possible signal of economic stabilization in the globe.
Friday:
- No economic updates or news catalysts from New Zealand.
